Global Wearable Electronics Market 2019-2023| 15% CAGR Projection over the Next Five Years| Technavio
LONDON--(BUSINESS WIRE)--Jan 14, 2020--
The wearable electronics market size is poised to grow by USD 35.67 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global wearable electronics market 2019-2023. (Graphic: Business Wire)
Growing Internet penetration, rising mobile subscriber base, and the increasing number of IoT devices is driving digitization across developed and emerging economies. As a result, there has been a substantial increase in the integration of advanced technologies such as AI, VR, and contactless payments into wearable electronics devices. This is resulting in the rising demand for wearable electronic devices. The development of a mobile app ecosystem has also contributed to the increased preference for wearable electronic devices. These factors together are driving the global wearable electronics market which is poised to grow significantly during the forecast period.
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As per Technavio, the growing focus on the development of low-powered electronics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Wearable electronics Market : Growing focus on the Development of Low-Powered Electronics
The growing popularity of wearable electronic devices such as smart bands, smart rings, smart watches, and HMDs is resulting in the rising need for high performance and low-power consumption electronics. As a result, companies are increasingly shifting from processors to new IMUs, which will help them enhance the performance of their wearable electronics. The usage pattern of wearable electronic devices is different from smartphones, due to which manufacturers have developed a new processor architecture with large, small, and tiny cores. The optimization of these processors increases their battery life, making them more reliable.
“Other factors such as the growing number of partnerships and M&A activities, development of miniaturized electronic components, and the emergence of hybrid smartwatch market will have a positive impact on the growth of the wearable electronics market value during the forecast period,” says a senior analyst at Technavio.
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Wearable Electronics Market : Segmentation Analysis
This market research report segments the wearable electronics market by product (smartwatches, wireless headphones, HMDs, smart bands, smart glasses, smart rings, and smart clothing) and geographic regions (North America, APAC, Europe, South America, and MEA).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. The growth of the wearable electronics market share in North America can be attributed to the growing ecosystem of connected devices, constant technological advances, and the presence of large crowdfunding platforms such as Kickstarter and Indiegogo.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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PUB: 01/14/2020 02:00 AM/DISC: 01/14/2020 02:01 AM